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KLX talks $1.2 billion eight-year notes at 5¾%-6%; pricing Friday
By Paul A. Harris
Portland, Ore., Nov. 20 – KLX, Inc. talked its $1.2 billion offering of eight-year senior notes (Ba3/BB) to yield 5¾% to 6%, according to a market source.
The Rule 144A and Regulation S offering is expected to price midday on Friday.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.
Barclays, Deutsche Bank Securities Inc., MUFG and RBC Capital Markets are the co-managers.
The notes come with three years of call protection.
Proceeds will be used to fund the spinoff of KLX from B/E Aerospace, Inc., a Wellington, Fla.-based manufacturer of aircraft cabin interior products, aerospace fasteners, consumables and logistics services.
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